The higher commodity prices and the forward-looking statistics on the Chinese economy helped Global stocks to get off to a higher start of the month.

Futures pointed to a 0.2% opening gain for the S&P 500, following a strong session in Asia, while the Stoxx Europe 600 swung in and out of positive territory and was last flat.

“China is doing a bit better than many people expected,” said Ugo Montrucchio, a multiasset fund manager at Schroders. While it is hard to draw sharp conclusions from the country’s macroeconomic data, it is clear the country’s ongoing fiscal stimulus is bringing about some signs of stabilization, he added.

Commodity prices moved higher, as metal prices rose in the wake of the Chinese economic data and Brent crude oil climbed 0.5% from its lowest level since September to $48.84 a barrel. Gold added 1.1% to $1,286 an ounce.

Investors have also been grappling in recent sessions with a series of upcoming events this month, including the U.S. election, the rest of the third-quarter earnings season and meetings of the Federal Reserve and Bank of England later this week.

Both implied and realized volatility have been low, and hedging for big swings has been limited, suggesting investors have taken on very light positions for now, according to Ilya Feygin, strategist at brokerage WallachBeth Capital.

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